Negative pressure wound therapy (NPWT) devices, even though new, project significant adoption and is expected to expand to different aspects such as chronic wounds and burn wounds of wound management that were previously limited to very few therapies.
Advanced Wound Care Market (AWC Market) Report, published by Allied Market Research, forecasts that the global market is expected to garner $12,454 million by 2022, registering a CAGR of 8.3% during the period 2016-2022.Active wound care is projected to be the dominant segment by 2022. North America is estimated to maintain its lead position throughout the forecast period with around two-fifths share in 2015.
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The major factors attributed to the advanced wound care market growth are the rapid increase in the incidence of chronic diseases, such as diabetes, due to a change in lifestyle factors and the attempts to reduce the duration of hospital stays to bound the surgical costs. In addition, the demand for the advanced wound care market is driven by favorable reimbursement scenario, increase in healthcare expenditure by the government, and rise in inclination towards products that enhance therapeutic outcomes. However, the high cost of advanced wound care products coupled with low awareness, especially in underdeveloped countries, such as Afghanistan, Nigeria, and Bhutan, are expected to restrain the market growth.
The leading revenue-generating region is North America, whereas Asia-Pacific is projected to grow at a significant CAGR of 10.4%, due to rising geriatric population, growing demand for advanced wound care products, and increasing unmet medical needs.
Major players in the advanced wound care market segment have adopted product development and product launch as their key development strategies. Important players operating in the market include, Smith & Nephew plc, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B S.à.r.l., BSN Medical GmbH, Alliqua BioMedical, Inc., Mölnlycke Health Care AB (a subsidiary of INVESTOR AB), Integra LifeSciences Holdings Corporation, 3M Company, and Coloplast A/S.
The report covers the analysis of global advanced wound care market based on product type, application, end user, and geography. Based on product type, the market is segmented into infection management, exudate management, active wound care, and therapy devices. Based on application, the advanced wound care market is divided into chronic wound care and active wound care. These techniques find their applications in many clinical areas, namely, burns, pressure ulcers, diabetic ulcers, venous ulcers, diabetic leg ulcers, and surgical wounds. Based on end user, the market is segmented into hospitals and community centers.